This paper proposes to investigate the postulations of renowned agency theory and shareholder value (SHV) in relation to corporate governance (CG) attributes. SHV is of a great concern to the shareholders of firms. SHV have been investigated by numerous studies of CG but with inconsistent empirical evidence. This study will focus on investigating the impact of CG attributes on SHV measured by Tobin�s Q or return on both equity and assets. The paper conceptualized four attributes (Separate leadership, proportion of Independent director, independent chairman, independence of nomination committee) from CG mechanism in relation to SHV in companies listed on BURSA Malaysia. This is a conceptual paper which proposes to investigate the relationship between SHV and separate leadership, SHV and proportion of independent director, SHV and independent chairman, SHV and independence of nomination committee in the context of Malaysia. The proposed study has value for Malaysian government, policy makers, corporate boards, stock exchange and shareholders by highlighting the distinct impact on SHV and its relation with separate leadership, proportion of independent director, independent chairman, and independence of nomination committee. © 2016, Econjournals. All rights reserved.